looking at one of their trucks -- >> like one of the troublesome trucks, do you remember that >> yes we still have those around somewhere. >> someone texted me they could look at a truck anymore without seeing -- >> thank you for that. final check. make sure you join us tomorrow "squawk on the street" is next . good morning, welcome to "squawk on the street. i'm david faber. he's jim cramer. carl has the morning off a look at the futures, of course, we get started with trading what we like to call hump day hump day you can see a down open. our road map starts with the increasingly crowded ev market electric truck and suv company

rivian is making its public debut today, could be one of the largest ipos we have seen on these shores in quite some time. we'll talk about the risks of rising inflation consumer p prices. we're going to have one of the biggest names in media join us, to weigh in on the breakup of ge. discovery's ceo david zaslav will join us to talk about that. >> when you have a big deal like rivian people don't have a lot of cash. they have to sell. what would you sell to get rivian everybody is amazed that tesla is down. what do they think that suddenly money came in to buy rivian

the whole complex is down. i just got my allocation >> actually, i've got some -- >> i was hoping you would have it you're johnny gilbert. >> this is going to be one of those ipos -- i'm not going to tell you the over-subscribed numbers. every sovereign fund, every large-ground fund, the ceo approved every allocation, i'm told if you're a hedge fund, you didn't get any, so it's very tight, so it's all going to be after market what you're talking about, the only way you can buy it is whether it starts trading. of course, the question will be, how high >> everyone likes ford at 100 it's gm 861 million shares out

so at 100 that would be $86 billion. >> that's good to point out. there's a lot of hidden shares. >> they'll raise $11.5 billion. >> and how much orders >> they have orders for 55,000 >> they've done 156 vehicles >> but you know what it hits everything in this market it is a growth company but we'll see. >> now -- >> the cornerstone investors of amazon and ford. >> what will farley do with the

stock? so farley has real decisionmaking all these comparisons, by the way, let's say he haus $10 billion. he can fund his own gigafactory -- >> by the way, a great investment it would seem you may want to monetize, though >> i will let mine go if arrivance wants the stock back, then you can take the money without hurting his credit rating so this is a play on tesla, people have to sell tesla to get to arrivance it's a play on what ford will do. >> interesting. >> ford is one of their

principal stockholders. >> they have a lot of money. >> i know they do. >> next thing we know -- >> we'll see, we'll see where this opens >> again -- with all these sovereign things being up. >> explain sovereign funds some of the largest pools of capital on the planet. they're not going to trade they're going to own this, because it fits so much characteristics of what you're looking for. >> the problem, david, should it really be worth -- do you want it to be worth $80 billion >> i don't know. >> remember, gm -- >> does that make any sense? >> which is $83 billion. so as large at gm?

>> well, they have 55,000 orders have you seen the youtube video of the truck, which does doughnuts? watching it going like this. >> that's over -- that's over ab. >> this is what the ipo is about, and you'll bet you're focused on it. >> i wish we were going to have an interview -- they have not. >> by the way, lucid is a $72 billion value. >> i don't know. it's a joke.

>> wow, i can't believe -- i don't know, i'm not stupid people coming on and showing you how much froth there is, jay powell -- what, are they like the "dick van dyke" show? what good has it done to people at home? rivian, ooh, tesla. >> fair enough. >> is it our job to monitor that l rivians happen >> but you can raise questions i do that with amc

you're supportive of it, but nothing supports a $22 billion value of that company. >> just a second -- >> speaking of that -- the stock cleared -- after the earnings -- the reactions up and down. you can't snell sell where you think you might have been. >> the swings are incredible do you know why? >> there's a lot of funds that can't tolerate this volatility they need to cover things they have hedge d. >> i don't believe to --

>> because people thought they would be peloton. >> stick with me here. work with me roblox deemed the quarter -- we all thought it would collapse once kids went back to school. it turned out roblox is a better omniverse play people didn't like unity -- >> did you have the ceo last night? >> unity or roblox >> of course i'm a booking magician

>> give me -- >> i'll give you -- >> this is last night on "mad money." >> thank you. >> for the last 16 years we've been innovating on this category, building an amazing community, not just players, but an amazing developer community, 2 million strong and our whole company is to drive and shepherd this vision of what some people call the metaverse going forward. >> human coexperience? >> can we just understand if mark zuckerberg is watching -- they spent a fortune on safe, and they have a legitimate $500 million developers they want to make all the dovers rich

but, david we're missing the whole point here tell me. whole point. >> jensen is what we're talking about. we're going to get your twin he has characters who can see, speak and converse with your digital twin this is what i've been waiting for. i don't know how you feel about -- so you can have milting read to you. maybe jump in, and then shakespeare trumping everybody. >> can you talk to them? can they answer questions? >> they do everything.

you can talk to they you can tell sezanne -- >> yes, i'm aware. >> enough with the fruit can you give me a seascape you can go to monet and say -- remember, i tell you -- he said, you know what? i figured out idiom. i said, in other words a la m manchurian candidate, his characters understand the cl cloc clocklyial. when i'm dead, am i still alive in the metaverse. >> how about the nixon/fair

interviews. >> i don't think wilfred frost would be happy about that. coming up next, we're going to talk more about ge and that stunning story yesterday that we spent a lot of time on david zaslav will join us. >> don't you wish you could have newman the one from "seinfeld." take a look at futures we have a lot more coming right back at you.

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well, having worked for it when nbc was one of those many reports that were eventually sold, many say at lows instead of highs, and what was bought was bought at highs, but many people still reacting to that decision, including longtime former employees of the company.

earlier this morning on "squawk box," may have hard from larry langone, and more. david zaslav join us on the phone. what did you think as you heard that news yesterday? >> thanks, david jack really created the first industrial global conglomerate >> that's what jack created. i mean, he was a massive balance sheet, great intellectual capital. jack himself a force of nature

but when things got bad, in the '80s when the economy. >> when the assets were sold, it was ge when companies needed to borrow money to stay afloat, it was ge. when agnelli was struggling with fiat, it was jack and g.e. that got in there and kept italy going at a time, if they had fallen, russia was at the border the industrial it was heady times, a very, very bill impact.

>> we spent a lot of time analyzing the slow but steady decline and many of the decisions that were made after jack by longtime ceo, but david, to be fair, you know, do you think that ge capital that became so large and profitable should have been reined in earlier? you know, if it will been, would things have been any different than where we are today? >> well, look, the whole question of an industrial conglomerate -- there was always a question when -- you know, i would ask jack, and the analysts would ask jeff, what's the reason why ge needs to be together even if you have 12 first in

class businesses, what's the synergy? the real sin are legitimate was the best and the brightest people and the ability to rotate them around. because ge had such a big balance sheet, they owned so -- you know, when the economy turned, you know, what happening in the '80s, that ge itself needed to be saved i think you're right something was going so at capital. >> that premium was one has gone the other way. there's a discount, at least that seems to be the thinking of current management do you agree with the plan to split it into flee component parts? do you think it's a good mover >> i'm note that close to it, about you if you look at the

culture things have changed, in fairness jack saw that ge wasn't the same malls aren't what they were, you know, the way people buy product, the way businesses are aggregated, i think in the end, it's probably the right thing. the market will tell the real question is, having all these businesses together, what is the synergy really before it was a philosophy of being number one, and having the best and the brightest people and a great leader with jack in the middle over the last 20 years, i think a lot of the reasons for doing it have fallen apart >> langone as i mentioned was a guest on "squawk box," take a listen to what he had to say in terms of jeff immelt and that period of time that led to perhaps where we are today. >> i read jeff's book. reading the book, you would think he sounds like biden

getting out of the afghanistan >> any thoughts about that >> i'm going to stay away from that one in some ways it's sad, but i think the lesson is ge was an extraordinary company and created a lot of value, but splitting the company up, there's still some great assets there, whether it's aircraft engines, or they're going to have to figure out how to create great products and shareholders value. it's true for all of us. >> it's true for you, too. obviously you want your stock price to be higher you're in the midst of a potential integration, as you work through the reg la tire that's the name of the game, david. you have to deliver over some point for your shareholders. >> long-term shareholder value

is the number one thing you have to do when you run a company the way to do it is create products that people love and want to spend time with. that's what we all do. >> david, thanks for calling in, as alls. >> did the company understand how many homes they owned in europe and how much exposure they had, and how many leases they had it seems that they never disclosed properly, but i go back over this there are auditors there is an audit committee. david, this company did not function in the way that i thought was honest or fair, because there were a lot of things we did not know about a lot of people bought the stack, not knowing about this exposure

>> i'm simply a media guy. i got a sense, to see jack travel the world and got a chance to see what a real global company looks like i'm not a finance guy. i'm not an investor. i just -- i'm glad i was along for the right to see a great industrial conglomerate at its height now it's a new days. >> that's fair finally, david, just a quick question i know you could talk about it too much, but advertising, we have a number of businesses because of supply-chain issues and the fact that their products may not actually be on the shelves, may be pulling back on advertising. have you seen that at all? any concerns from your perspective? >> we probably had the strongest up front, you know, that i have ever seen.

having said that, we're not immune to some of these supply chain issues as a media industry, so we are feeling some of it, but ultimately advertisers continue to feel advertising on linear television, you know, is the best way to move product and the best way to build brand. you know, in the long run, the outlook is quite good. >> we're going to bring you back soon to have a much deeper discussion about your company and what's coming up, but we appreciate your time thank you. >> sure thing, guys. up next we'll get jim's mad dash and opening bell five minutes from now.

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>> announcer: the opening bell is brought to you by -- welcome back we're going to get to a mad dash and to the opening bell. a lot of stocks to discuss, including wynn with an unexpected resignation for the ceo. >> you want to call it an unexpectededly expected departure. when you listen to madd matt

maddox, he basically said i wanted to clean up the mess and go well, no one wanted him to go. why? he maintained the upscale fabulous tradition that steve wynn had, and did an amazing job with macau people will say it cost them $13 billion, sells at $10 billion, mgn and las vegas sands are both much, much bigger. will they buy this company the reason i say that, this stock was immediately down four, then shot up five. maddox is fantastic. >> he's also young he's not at the retirement age. >> i sent him an e-mail. i liked him so much. >> consolidation, you never know that's been around sometimes --

i haven't heard it lately, but -- jim, we have the opening bell here, you can take a look slightly more red than green we didn't talk about cpi yesterday, but we will [ bell ringing ] >> rivian electric vehicle maker celebrating its ipo from the manufacture facility in illinois earlier i think we had indiana, but it's illinois. >> there are big deals that happen as we lose control, facebook, they lost control. they lost control of uber. this won because management

chose to be involved the fiasco that we often see it's like, all right, give me the next one no, rivian cared i salute them for being involved >> again, just to give you some insight from what i've heard, every sovereign fund is lined up for this thing, all the big growth funds and platforms for growth you're not talking about hedge funds, not talking about those that might quickly exit the stock with an allocation of some significance by the way, the ceo i'm told approve every allocation we've seen that sometimes, alibaba, joe tsai signed off on service allocation, and that went well, too. >> if you're a big institution,

you put in like 10%. they're going to get a lot, but in order to get all these need, they have to go into the aftermark and buy more. >> i think people have to recognize don't feel shut out. >> meanwhile, tesla stairs are down a bit it's below a trillion dollar value, so over $200 billion in lost market cap in a handful of days. >> all things considered, elon picked a real bad time to be the class clown. no, he hurt his own cause. >> you think so, by, what, having the twitter poll? >> yeah. >> as robert frank pointed out, he had to sell anyway. he has a huge tax bill coming.

>> don't cry for me. >> he'll have -- he's got to sell stock in order to pay the tax bill. >> people will say, well, wait a second, and then people want to own rivian here's the issue, david, how many underwriters can this market handle? we have coinbase, which i regard as being a suboptimal situation, unity, i liked last night, but people didn't like the fact they bought the peter jackson business, which i kind of liked. we had toast which i thought was last night as fiasco >> you know, you're going through it fast, if you don't mind, can we slow down or are you making a broader point? >> my point is we've had a lot of merchandise come, so people are now saying, wow, i got very

excited about, let's say toast -- >> let's talk about upstart, do you 21.5%, to the point we were making earlier moves in many stocks are extraordinary, either up or down, but i don't remember a period where we've seen so many plus 20% or down 20% days based on earnings. there is a miss there? it was a.i.? making better credit decisions >> heavy shorted they did talk about being a prisoner of spiko scores, which haven't done well. but here's the problems. >> they are growth companies to put it in perspective

28.6 million from operations at upstart. you're talking about, you know, coming in today, a company with a $25 billion market cap. >> people came on the call and said you bumped numbers about -- but this time only 60 million. now it's a question -- by the way, i think there's -- >> you know, it's important i think for people tools how much the stock has moved up five days is not that helpful. see, that puts it in perspective. >> you're no longer a prisons irof fico. they do it with artificial intelligence, but they are very well run s but it went up so much you had the confusion other paypal yesterday. >> what was the confusion?

>> you were very negative or -- >> we thought the tail end of the ebay where they split and ebay took the business of the credit card. >> no longer using their payments -- >> well, they can't digest that. they didn't think this would be with them. i happen to thing -- i said for my -- the investment club, there will come a time when you have to buy this. you have to. the times comes -- when did they sell the stock >> you're back to levels you haven't seen in quite some time. >> no, because people decided, wait a second, maybe we have other buy now/pay later outfits. i want to tell you that mastercard is a no-nonsense, fabulous company >> yes

>> it's an incredibly well-run company, far biggest than these other guys, but the market is mispricing a lot of these. they think these small companies are going to take over the world. they said we're going to cut prices at point of sale, unity, david, let's talk about that for a second unity is metaverse, right? what they decided to do is they bought this company when -- you may know peter jackson's company from "lord of the rings. in one point of the conference call they said, you might like under the circumstances, but we're not able to do the kind of things that you think we can do, in terms of the met 'verse. >> in terms of creating things >> yeah. you know, that hurt.

>>s in matter that's not much of a decline. >> by the way, apple ios issues with a lot of different companies like poshmark. >> we spent time with david zaslov the bull days is 120 to 125, but he could make an argument of a clear path from 80 to 85 just based on pure multiples he just can't do it. >> i think steve is -- he's a little bit ahab on this. a bit of ahab here

i just think there's a great white out there. >> actually it's a whale it wasn't a great white. >> yeah. >> what's going on with you and great whites >> one in new jersey killed five people. >> that was yesterday's -- >> i'm sorry, when you get that call -- have you been hacked >> no. >> when you get the hack call, there is a moment when you realize may have funded a whole city without realizing it. we have to deal with doordash. they built a company called walt the amazing thing is people loved this acquisition they loved it. they feel that doordash has sewed up the world when it comes to delivery. they're delivering more things than just food, so that's one

that survived. >> you had the ceo on with you last night on "mad money." he was talking about sort of executing in terms of the business plan. let's take a listen. >> at the end of the day, it's an execution business, so who we operate with, how we do big, caring about capital efficiency, ripping out every penny of inefficiency and, you know, building a business, that's what the two keys are about. >> stock is up 16% doordash >> when i met tony, we had a contentious lunch. well, covid, everyone stayed home. >> i remember them prior to good

public meeting with them as well you come back to some of the size of these companies. >> multiple earnings. what's the tenure now, 1.4 even with cpi running above expectations are you concerned at all we're going to watch arrive jan today hit heights that may -- >> well, i don't mind those. those are always facetious those are saying, listen, that's internal combustion engine, and i'm -- >> you're okay with whatever values >> because they see are technology delivery systems. this is based on something that no one wants

>> you don't want ice. it's just back technology, not unlike for these people, it's like a typewriter, except for the pollution. these are different entities, different companies by technology that's what ford -- farley recognizes that. that's why he's trying to electrify his whole line >> he does, i know, you talked about that a lot. >> it's like -- remember the rfk unit >> that was rfk, yeah. >> amazing, very smart a little history lesson. we're talking about inflation in the '60s -- >> i think i have made this point before he held me when i was a baby when he was running for the senate >> i campaigned for him, and he

held you up as a baby? there's a difference in age. >> that's what i'm told. it could be family lore. i'll ask my mom. see if that was true we'll have more on ge's breakup. he once ran honeywell and ge's appliance division >> it's one of the spacs i like. >> here's a look at treasuries so up on the day we'll be right back. so, you want evs, you have come to the right place.

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yesterday we spoke with ge's ceo about the company breaking up i don't think anybody has said anything negative about that for more, we're joined b and also he's done a lot of great stuff and currently executive chairman of company that provides technology for data centers i'm going to start with that you are mr. perspeckive. thank you for coming on "squawk on the street. >> you're very kind. always fun to engage with you. >> i want to talk about vertive, because it was a spac, not in search of something to do. it address said architecture of continuity, basically the data sent rb and people who didn't know how to connect the data

center to the actual part of the economy we know. you created a bridge company i think people should know this was actually a company that made sense. >> yeah. and i think -- you know, spacs have come under a lot of discussion, vilified by many, liked by few but at the end of the day, i've always said you need to look at what a spac can do for you one is bring money but really any spac can do that the real trick is to combine with a spac to bring operating perspective to make it a better company on, not just a short term but a long-term basis and i think that's whatwe were able to do with vertiv and what made the spac so unique. for that's not generally what spacs are. >> you also wrote a book, really

fantastic book, where you talked about -- >> thank you >> absolutely. you talked about when you went to honeywell, very few people believed and ge was basically too far gone why were they swept under the rug for so long, the accounting problems they were the reason ge became a despuroddau. >> i appreciate the mention of the book i appreciate it. it's on the best seller list in china. it's global and i kind of like that when it comes to the ge stuff, i haven't been there in 22 years it's kind of tough for me to opine on what the accounting was or wasn't. i can certainly discuss what i dealt with at honeywell because i lived that one i don't know enough about the ge financial accounting situation >> well, the reason i mention is

only because when larry culp came in there, were a lot of issues that kind of no one knew about and they led to having to have $75 billion in debt offloaded. they led to this kind of combination of power in renewables, that was supposed to be doing very well and david and i reporting endlessly that it wasn't doing very well. was there anything mr. culp could do to keep this company together >> i found it interesting. i sent the announcement to my youngest son, who started a business in atlanta. sent it to him and said hey, just a heads up. he sent back a note saying, yeah, i remember you said two or three years ago this was going to happen. i senlt back a note say saying well, i appreciate you remembering that i felt at the time that the cultural cohesion, the

operational focus, the performance, verses the s&p 500, which i think is important dynamic for any company, especially for any kind of conglomerate all of that was missing. when you get to that point, the best thing to do is get it stable enough so that you can just split it up and let the companies begin anew you have to find the right leadership everybody thinks it's simple there's great people just hanging around that you plug into jobs and then they take off and do a wonderful job of it. it's not that simple but it's the likely better alternative. >> david, i'll get back to -- i'll get back to vertiv for a moment your perspective on supply chai and labor issues there may be labor issues

delaying the building of data centers. what are you seeing? >> there's all kinds of supply chain issues out there now i mean, for us, it was connected to the semiconductor issue as we tried to get component parts and that's what has caused us to be unable to shift but at the same time, what we're starting to see are data centers unable to be completed because there's no construction labor. at the same time, you're dealing with aggressive inflation, most of us, as business leaders, have been saying for months, this is not transitory this is not a two-months issue you're starting to see it in the labor market and i find it astounding that our political solution to this economic fire we have right now is to pour gasoline on it, as my good friend was saying on your show just a couple weeks ago

>> well, dave, look, i think you've got that great perspective. obvious, vertiv is a great company. i want to thank you and i want to recommend people to read "winning now, winning later, how companies can succeed in the short term while preparing for the long term. that book successfully sums ares what you did at honeywell but they didn't do at ge >> i can promise you it's what we're doing with vertiv. it actually works. >> it actually does work maybe we do a little something my wife doesn't like to do, which is maybe see some pheasants and eat some pheasant. let's not talk about that. >> i can promise you it will be fun. >> david cody, always good to have him, of course. he's delivered 20 years worth of delivering returns. >> he's going to win best in

investment in returns. doing a great job and one of the things he did was pick a successor willing to undo things, which is great >> what do you got on "mad" tonight? >> when you go into the factories, there you see it. mastercard, the end of the buy now, pay later love affair and key spokesman for the american migrant company bio haven, i don't want to say they saved my life but i could go to work my daughter says you're incredibly funny >> yes, well, she has great taste and great insight, your daughter >> and you got held by rfk >> i got confirmed that i was held as a small child by rfk and

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welcome back to "squawk on the street." live with breaking news. our final september read on whole sale inventories and trade sales on inventories, a big number, up 1.4%. replacing up 1.1%, which was the mid-month read and it really accentuates the notion that inventories are a big factor right now with the economy and some of the supply chain issues. this is a welcome number and it equals the 1.4 that we started out the year with. these are really large numbers and with respect to the sales side of the equation, our 1.1% minus sign in front of it gets replaced with 1.1% without a minus sign this is big, big news. because the negative number doesn't happen very often on the

sales side outside of the mid-month read, we have to go all the way back to, well, april of last year too, see a minus sign. really does underscore there's a lot of runway for the economy once we start to get by some of the issues impediment, like various, along the supply chain inventory problems david favor, back to you >> thank you, rick santelli. welcome to another hour of "squawk on the street. we're live from post nine at the new york stock exchange. carl has the morning off as you can see, we are, well, slightly, slightly higher on the dow but generally down off the lows of the session half hour into trading >> we are 30 minutes into trading, actually and here are three big movers we're watching specifically poshmark warning that apple's

recently privacy changes would result in higher marketing spend in the holiday quarter stark comparison to the better than expected results from reel reel earlier this week and moving on the next mover of the morning. doordash is actually dashing higher after reporting results and announcing its largest acquisition to date, buying the national delivery platform in a deal valued around $8 bill i and take on uber in europe that stock is up and finally palantir getting downgraded its price target cut from $25 to $19. and the firm siting palantir slowing revenue growth in government and commercial businesses you can see shares are down another 3.5% right now, david. >> another thing we're going to keep our close eye on is what is the largest ipo of the year?

making its market debut and it's going public on the nasdaq rivn is the ticker raising some $11.5 billion sovereign funds, big growth funds all stepping up. not a lot of hedge funds let's get over to phil lebeau, who can fill us in on what's important. phil >> it's definitely the prospects. that's what everybody's excited about. and i've heard from more people in the auto industry, from established auto makers, the ones internal combusting, converting to electric as well as start ups you mentioned the excitement regarding the ipo and we're waiting for the stock to start trading, keep in mind this 153 million shares was originally supposed to be 135 million they upsized it because there's rrb so much demand

what does it build how many orders for the three vehicles they've announced they're starting work on you have the two primary ones. the electric delivery van and there's 100,000 that have been ordered by amazon. we'll talk about amazon's stake in a little bit. toes are going into production this quarter then the electric pick up truck and the r 1 s, an suv that starts production shortly. a little over 35,000 have been ordered. these vehicles all built at the company's plant in illinois, in the middle of the state. an old mitsubishi plant that they spent the last couple of years updating and getting it ready, retooling to build electric vehicles. 150,000 rrb vehicles by the way, they expect to hit full capacity if production continues to grow as scheduled and we had a chance to drive it

a couple of weeks ago and got a lot of looks as we were driving around on the north shore of chicago. that vehicle starts at 67,500. obviously, that's the base model. i mentioned amazon and the electric delivery van. amazon owns a 20% stake in rivian and the reason we're showing you these stocks, back to 2019, th thalts rrb when both companies made their initial investments in rivian. and people said that's interesting. this is not just another ev play this has been a highly-anticipated company for some time, in terms of laying the ground work for electric vehicles we're waiting for the first trade to take place. i've talked to a few people who have said do not be surprised if this gets close to $100 or above $100 when the trading starts >> i think 861 million, at 100

you can quickly do the math. that will take it to a market value around gms, at $85/86 billion. phil, did you get to push the button that gets the truck to do do donuts or something? >> no. >> what's that >> you can turn almost like a tank and that ability is something that a lot of people have talked about. i did not get the chance to do that, with the one i had out there. guys, i've talked about this for some time. electric pick-up trucks are going to be huge that's why ford has the lightening, gm has 1 in the next couple of years and the cyber, but that's a slightly different beast in terms of the pick-up market rivian is set to play in the middle of that it will be interesting to see,

over the next couple of years, how well the r 1 t does vurlss the lightening, verses the e si silverado from general motors and one from ram eventually as well >> that basically sums up my high school years, i have to say. and jeff bezos has been a marketing maven, where rivian is concerns as well i came in contact with the trucks for the blue origin space flights because this is how they transport their astronauts to the launch pad is in these rivian trucks. it's a mixed picture for the ev stocks but names like lucid are trading lower, presumably, as rivian gets ready to make its debut when you look at the newcomers and those pouring 10s of billions into this, is there enough market for all these

companies to play over the coming years >> there is eventually but we're in a period where the ramp up in production will be slow for a number of auto makers, established as well as new ones. it's going to take them a while to get to where tesla is right now, which is why tesla shares moved up in the last six months. they said wait, they really do have the first mover advantage and one other note involving rivian and amazon. they are as tight as tight canby. amazon is doubling down, buying more shares of rivian. and when the ceo of rivian was looking for a tech company, he made it clear he was looking for a couple of partners he wanted a tech company for the software and what they could bring at the table and he wanted an established automaker for what it could bring to manufacturing expertise.

went with ford on that and amazon the relationship with amazon, i've talked to a number of people in the auto industry and they say we're very close, will be even closer in the future >> they're competing with ford ford is going to have an enormous game. and they need money, certainly, i would think. shouldn't they sell? >> most people expect that they will sell. look, they used to have a seat on the board of rivian they no longer have a seat they've had other opportunities to continue investing in rivian. they took advantage of early ones and then stopped investing. i thik it's been clear ford realizes what they have here in terms of a potential pay day, they're going to be coy and say we haven't decided what we're going to do. you have a chance to get, 8, 9, 10 billion whatever it ends up being that you could make a lot of uses with that money, especially since you're going to

compete with rivian. >> and stock up 20% just this year to date thanks a lot as we wait for the deal to open up for secondary trading. and a look at how the ipo market has performed so far this year >> rivian will be the biggest ipo since alibaba went public in 2014 my head is spinning keeping track of this. i counted 17 ipos this week. that's amazing and we're in record territory already. 372 ipos, raising 168 billion. that is including direct listings as well, which is a form of an ipo so, that would be a record, although not the total number going back to 2000 large ipos all over the place. the big winner is a firm he's a very happy man at this point. global foundry, public did well. and you see robinhood, probably

the biggest publicity of the year virtually flat in terms of where things are going the biggest thing i notice is pricing haz improved and you're getting better after-market performance 51% of ipos above the initial price. 63%. what does that mean? suggests a little better performance probably because prices are lower most of the gains in ipos are the first day of trading after market is the day after and that's what a lot of people look at. year to date, down 4.7 is what the average ipo is trading after the first day. in the first 90 days, a formal 7% this suggests the pricing has been more reasonable that means lower and so the after-market performance improves on top of that. a basket of roughly the last60 ipos rrb is up and down. big drop in february and march

as some of the big tech names, the cathy-woods type names drop and you see holding up flat today. the people i know in the ipo business are exhausted normally this time of your it starts slowing down. particularly the week before thanksgiving they're tired and reading all sorts of new ipos into the month of december. amazing year for business. >> keeping you really busy as well thank you for the context. we're taking a look at coin base meantime those shares sinking after they reported lower than expected quarterly revenue. declining from the previous quarter as well. shares down. we're joined by mark palmer. walk me through your bowl case, given the fact we're seeing coin

under pressure and we have seen a slowdown and not just coinbase, but some of the other crypto properties too in quarter to quarter >> thanks very much for having me on. frankly, we are equity analysts. and as equity analysts, we are forward looking. what we've seen is in the third quarter, there was a well-understood slowdown in crypto market, particularly in july and august. such that going into the print, we would have had guidance across the street, which would be much more in line with the company's actual performance that didn't happen frankly, i think the street was well ahead with regard to the quarter, simply because it wasn't necessarily paying attention to what was going on in the crypto markets.

there are very well defined correlations between what we see in the market, between the price of crypty and the company 's monthly transacting users, which is the biggest metric that is followed and ultimately revenues so, frankly, we don't think sekw sekwengsal design in revenue -- and they out performed on all the other metrics including c consensus, and trading volume. if you look at the company's disclosure with regard to october, monthly users spiked up and the outlook for the year raised as well if quwe're loor looking forwardo coinbase -- >> that'smy next question, if you're forward looking and we've seen this huge surge in

cryptocurrency activity and either trading at record loevls, how does that bode for coinbase or other names you follow for this quarter and beyond? >> the october period was extraordinary. and if you take coin base's trading volumes for the month of october and extrapolate for the rest of the quarter, it's going to be their biggest quarter ever users declined in the third quarter and spiked up to 11.7 million in october. that bodes very well for the balance of the year. what's really important is it's everything else that coinbase is building from the nft marketplace that it announced and intends to launch in the near future to something that gets overlooked, which is staking and it's crypto specific

it's source of yield where people who have cryptocurrency in their wallets or custody, can put it to work and earn a yield of 5 to 15%, which in this market, with interest rates being as low as they are, it's extremely attractive we believe when etherium moves to what's known as etherium 2.0, it could be a huge driver of their revenues >> you have a company with a $70 billion market cap it looks like the pasts second quarter is going to be the high water mark for revenue, at least through next year, based on consensus. so, you have other potential opportunities. how central is coinbase going to be in all the other non-transaction base things coming, whether it's nfts or not? are they going to be the default

place or one player in a growing number >> you mention nfts s, the biggt player has about 300,000 users on its platform. coinbase, in the days after it announced that it was going to be launching an nft marketplace, attracted a waiting list of 2.5 million users. what we see as the biggest player in the space currently. frankly a big part of that is coinbase is seen as the safe haven, not only for retail investors but institutional ones one of the things going on here that gives us more confidence that what we're seeing in october and beyond is sustainable is the fact we're seeing institutions moving into the space. we saw that in coinbase's third quarter numbers, where institutional trading

significantly out performed retail trading >> mark palmer, thanks for joining us today as we head to a quick break, here is a look at our road map for the rest of the hour including an interview with richard fame, after recently announcing he'll be stepping down in january. >> and consumer prices jumping more than 6% in october. it's the biggest surge we've seen in more than 30 years >> and launching moderna, down more than 30% and in dispute over vaccine patent rights

welcome back to "squawk on the street." hi >> morgan, thank you like to welcome out going ceo of royal caribbean. but will stay on as chairman big news you hinted around retirement but the industry really surprised why you're stepping down now at a time when the cruise industry is in recovery mode. so, why now? >> well, hi, couldn't be more excited. this is -- this is the time just really felt right in terms of covid-19 we're clearly coming out not behind us yet but the

pathway forward is very clear. we're about to be starting our new growth phase in fact, i've just come off of a naming ceremony at the celebrity ship last weekend. and this weekend, as we're restarting going on board odyssey of seas to the royal caribbean international brand. this was a good time for me, for the company, and we had a good leader to take over. so, the stars just aligned and i'm not sure who's happier me or jason. >> the current cfo will succeed you as ceo he's been a long-time royal caribbean guy. given the industry is dramatically changing, cruzzing will look different from now was there consideration to take on someone from hospitality or sillicon valley, at a time when you have richard branson with a new cruise offering.

>> it looks different today than ten years ago and that's part of our process. we believe in continuous improvement. we can believe in continuous change and we have the ideal person in house. jason has worked side by sid for the last 16 of my 33 years he's been involved in every strategic initiative we've had so, we felt we had a really good candidate in house and not insignificantly, really taught people and i think that's what made us feel comfortable in making this move today >> would you have ever thought 30 years ago, you would have 6,000 people on one ship you led the evolution of what cruise lines look like right now with cutting edge and the largest ships on the market. i know you're going to play a specific role going forward with the development of new ships for royal caribbean.

what do they look like at a time when millennials are preferring airbnbs over hotels? they're creating new experiences. >> and it's experiences. people want that during the pandemic, we were stuck in our homes and shifted backwards buying things. but people want to get out there and experience things. i never would have imagined 33 years ago one new ship would be bigger than our largest fleet was back then. but we're constantly chafging. i think that's what's so exciting is we're constantly learning and improving and we are responding. it's not just the ships. it's the private destinations, the technology, it's the sustainability the scope of the job has really expanded over the years and i couldn't be more pleased about that and jason's been part of that all the time

so, i know he's going to take it to the next level. >> it's morgan just to dig into that a lilt bit more and the fact that there are these changes afoot. the company and the whole industry is moving into or hopefully into a full recovery next year k, coming out of the pandemic how are you balancing that verses that new ship construction over the coming years? >> well, i think the strength of this has always been a cash flow business, a highly capital-intense business once you have the ships, they become cash cows and that basically the way we have worked in the past and we see that happening now. already we're seeing forward bookings for particularly after next summer extremely strong, even by historical standards

we invest in sustainability efforts, reinvest in our new ships. and that's what -- that's the cycle that we're in and it -- looks, we've had a huge kaz team get over and we're well on the way of getting back to where we were and even better >> over the last few years, we've seen growing appetite and americans really drive the largest percentage of bookings for all cruise lines i'm wondering is that changing your projections for bookings next year? >> well, you're absolute lee right. the u.s. is the dominant market and the international markets are growing even faster than the u.s. markets and opening up borders, u.s. and

europe happened yesterday, that's a dramatic move in a good direction. that's all part of the pathway forward. one of the things we've been successful at is attracting europeans to come on our ship in the caribbean and americans in the mediterranean. as borders begin to open and we begin to live life again, all of that works to our favor and they're the best vacations offering the best experiences. best memories, i would say >> they said they picked royal because of you i guess that goes away now that you're stepping down it's been a pleasure having you on, especially over the last year, richard. tough questions around survival at the height of the crisis. but you came on. i guess now you can go on a cruise, right? >> i don't takes a many cruises

in the past because it was never a vacation for me. i think i may still be too busy with other activities. i've been involved in civic and community things and now we can do that properly >> thank you, richard, for your time third longest serving ceo for your leaders out going ceo of royal caribbean. >> we're watching rivian that priced at $83 a share now, 121 to 122 per share. that would place the market cap well over $100 billion >> i'm not surprised, mike we've said for some time this is expelked to be a stock that will run once the pricing is locked in and they start trading. 121 to 122 with a market cap over $100 billion. they'll have a higher market cap

than ford and really the only ones they'll trail in terms of market cap is tesla. the two largest will be electric vehicle manufacturers. we'll have more "squawk on the street" in just a little bit back to you. >> just to put it in perspective, i spoke to somebody, who it wasn't that many years ago, they passed at an $850 million value for rivian be helpful if you can give a little history because the private markets is where so much wealth was created not that many years ago, plenty of investors were like i don't know >> he started the company in 2009, renamed it rivian in 2011 and has quietly, very quietly been working on developing electric vehicles. and i remember the first time that i talked with him, new york

ou auto show and i want to say this is 2017/2018 and the thing that stands out about him is he's a humble, unassuming guy he doesn't lack confidence he's not going to sit there and say he's the smartest guy in the room and you need to know that how quickly have companies grown? remember when ford took a half billion stake in the company i think that was a third of the company's value at the time. >> be a $100 billion market value. we'll keep checking in with you because this is ita or que sty. i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling?

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♪ liberty, liberty - liberty, liberty ♪ uh, i'll settle for something i can dance to. ♪ liberty, liberty, liberty, liberty ♪ ♪ ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ back i'm rahel solomon the white house says efforts to vaccinate children, ages 5 to 11 are hitting full strength this week

estimates by today, 900,000 will receive their first covid shot and an additional 500,000 have apointments through pharmacies president biden will host canadian prime minister justin trudeau and mexican president manuel lopez a week from tomorrow the white house says they will reaffirm their strong ties, discuss ways to collaborate on the covid crisis and climate change and work on a regional visions for migration. and prime minister boris johnson returning from the climate sum toot push for an agreement that urges countries to strengthen their climate plans by the end of next year. back to you. it is now time for our eetf spotlight. and moderna under pressure again today. meg.

>> hey, morgan it's been a tough couple of mupgs for moderna. the stock had a massive run up and it's given a lot of those gains back about 48%. the pressure started as it appeared that the boosters shots were going to be narrowed to a smaller group of people. pfizer has applied to expand that to everybody over 18. then there were reports that the adolescent application may be delayed over concerns about myocardits and in the last week, you can see shares down more than 30% asthma moderna cast soe doubt on the analyst community about what next year is going to look like. today, the big headline from the "the new york times" that there's a patent dispute over a central discovery, essentially the design of the vaccine, that they're in dispute with the nih. that kbanocked share as little

yesterday and today as well. and down 5% over the last week guys >> thank you as we head to a break, check out shares of tesla. the stock is actually rebounding a bit from yesterday's decline you can see it is now above a $1 trillion market value. up over 4.5% as we continue to await the open rian. stay with us we're back after this. [crowd cheering] how's sanchez looking? with your qb's increased spin rate, any pass with a launch angle of at least 43 degrees puts sanchez in the endzone. you a data analyst or something? an investor in invesco qqq. a fund that gives you access to nasdaq-100 innovations like ai statistical analysis software. how am i gonna do? become an agent of innovation with invesco qqq.

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welcome back u.s. consumer prices jumping 6%. the biggest inflation surge in more than 30 years hi, steve. >> good morning, morgan. the best way to describe today's report, a report from pantheon economist.

he said grim and more to come. inflation blowing through expectations with a headline of 0.9. the year over year rate, 6.2 is the highest since 1990 and it was a number i heard about from the next month for a lot of economists the main problem, not only that it's high is that it's continuing to rise at a time when there was hope it would stabilize or begin to prove transitory the other problem is it's spreading. used cars up 2.5%. we got relief from the prior month. now they've come back again. pretty strong monthly gains back to back. and medical care has been helping out the index, now it's going the other way. up half a point. for average americans, the government reported real or

inflation-adjusted earnings, weekly adjusted earnings that is, remain up since the pandemic but declined in seven of the last nine months also a potent issue for investors as well, inflation as input costs, they're rising even faster than the consumer costs. and whether the fed will have to accelerate either tapering or rate hikes andrew hunter writing this morning the biggest concern for the fed should be longer lasting cyclical pressures are continuing to build rapidly. they're putting a 69% of rate hike in june that's one of the highest levels we've seen for the contract and a 70% chance of a rate hike for december they're wondering whether the fed could or should speed up

with rise of inflation >> all good things to think about. thank you. for more, let's bring in charles schwab chief investment strategist your view of this number this morning. i'm sure you just heard steve's analysis how does it impact your overall view of the equity market? >> it was obviously a hot number and i don't think we're out of the window where we're like lakly to see that. the descripture used to describe what we're seeing has, more often than not, been stag inflation. what we're seeing now, verses the 1970s, goes to the unemployment component because the true definition included a high and deteriorating unemployment rate. i think what's happened is we've gone from pro-cyclical inflation in the aftermath where demand

pushes prices hire and you get counter cyclical inflation and that's the environment we're in right now. the pickle is they know the tightening policy, via tapering or rate hikes, doesn't solve the supply bottle neck problem if they feel they need to quell demand to allow the bottle necks to catch up to where demand has been >> demand continues to be quite strong but to your point about rising commodity prices, labor costs, what about margins we're coming through the latest earnings period? what have you seen and what are your expectations? >> they've been phenomenal and you saw a parabolic spike and i think that reflected the

fact that, when we were in the worst part of the pandemic, companies cut production and slashed everything about their business in order to maintain to the best degree they could, an environment of grave uncertainty and they haven't quite ramped up which means profit margins can remain healthy but given labor costs are the biggest input costs and those are stickier on the high side, i think we're probably looking at third quarter being peek in profit margins and that's why i think the commentary with regard to margins and their outlook was more important than the beat rate for the rearview mirror look at the 3rd quarter. i think all margins will increase and be in focus as we head to the fourth quarter >> and being more selective, in terms of what they can exploit into next year

it seems to get to this idea that we're obviously in an unusual cycle, one that seems accelerated. we've rushed into all these mid and late-cycle questions about what the fed's going to do and what type of sectors you might want to be in. i wonder where that takes you within the equity market, whether it's time to look t towards labor cycle stuff. in fact, companies are paying way less than the rate of inflation for all their debt >> i think you have to be a bit more nuanced when it comes to where to be invested in this market you're right which is unique given where we are calendar wise, relative to the end of the covid recession last year. it's reflective in present situation, verses expectations in consumer confid ps.

especially seeing that we've seen a rolling over in earnings revision and it did pop back up a little bit but well down from are we were prier. if you do analysis on a factor basis, the earnings revision factor has been the big out-performer in the last couple of quarters. i think that likely persists when you get in to an environment where earnings provisions are coming down and they have the potential to be more constrained, finding the pockets where you're still seeing those strong earnings revisions, which is a hybrid growth value factor, given if you have consistently rising forward revisions, that brings down the forward pe and i think that that's the approach investors should take right now. focus on strong balance sheets and strong free cash flow field and apply that across the spectrum of sectors. i think it's a bit more

dangerous to make a sector or two call i think the kind of sector volatility we've been seeing is going to persist, at least in the near term. >> thank you >> my pleasure good to see you guys >> you too let's give you another look at rivian it's it's going to debut at some point today. big growth fund investors, big buyers a lot of others locked out and they're going to have to buy in the secondary market and that could cost as much as 125 bucks a share because that's at least where the stock is indicated right now. that would bring it to a roughly $107 billion market value, just to put it in perspective some 20 billion more than gms current value. and i'm looking at ford, 69.5 million shares.

and they invested half a billion in may of 2019 >> heck of a payoff. depending on whether ford ultimately cashes out. that's the expectation is that ford is not going to hang around and hold the rivian shares for a really long time that doesn't mean they're going to flip them today but most people expect ford will ultimately liminate its stake in rivian you're looking at a nice payout on the initial half billion dollar investment if and when that day comes >> maybe goes without saying but that would be real money for ford, in terms of being able to fund its ambitions what's also fascinating is how the move in tesla has created the valuation umbrella so, three months ago being worth 10% of tesla's market cap meant

71 billion for rivian. and whether that's justified or not, it seems like the world is taking this portfolio approach saying it's a huge opportunity, we got to own a bunch of different players, i guess, in proportion to one another. >> and not all players are the same there's the expression, all hat no cowboy. i think that applies to some of the ev companies that perhaps wept through spacs in the last year and they quickly came to market you'd say all right, what's your game plan? and they say we're going to build 100,000 vehicles in a year and a half and nobody expected those numbers to come to fruition. that's different with rivlian. with rivian, you can see the game plan and why the institutional investors are saying okay. i do think they're go doing be a long-term player >> there's a demonstrated path there to some degree thank you. we'll talk to you as the stock

eventually opens meanwhile, as cop 26 continues in glasgow, how do their goals stack up >> well, cop 26 shining a spotlight on climate change with officials announcing new targets and nishtives. the majority of companies with net zero goals now, we have seen an uptick in climate targets within the s&p 500, 66% of companies covering 80% of the index market cap have some sort of goal, according to data from refinitive that's up from 42% in 2015 and 36% ten years ago. the utilities and staple sectors are leading the way with more than 90% of companies in each group establishing a target. financials and health care are at the bottom with about 50% all told, emissions from s&p companies are down 12% over the last decade based on data that's been reported. but that gets to one of the issues at the moment, climate data is

based on what companies choose to disclose. there's no regulation around what has to be reported, which means the lack of standardization and accountability across companies and industries additionally, just 16% of s&p companies have a pledge that's been verified by the science-based targets initiative this makes sure companies aren't relying on offsets to cut emissions and requires both short and long-term goals among other things alberta telling me that targets is just the first step a company that needs to have a clear transition plan and that's where shareholders can play a role the sec is looking at options but currently there aren't any enforcement mechanisms in place and that means that investors can be a powerful source, mike, to keep companies on track back to you. >> i'll actually take it, pippa, thank you. shares of fubotv falling after expecting a wider than expected loss for the quarter. down 20%

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welcome back to "squawk on the street." markets pulling back just slightly today the discretionary sectors in healthcare outperforming while energy stocks the biggest laggers. down 2% for the sector overall every stock in the sector is a negative territory petroleum eog resources and conico philips are among the worst performing stocks. the u.s. energy department reported a smaller than expected bill in weekly oil inventories and best performing s&p sector this year up around 54%.

keep an eye on those energy prices and oil prices, as well "squawk on the street" will be right back after this. keep it right here it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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tonight atgoes according to crew-3 will mark the fifth crewed space flight of the dragon capsule just since it began flying humans a mere 18 months ago speaking of nasa, pushing the timeline to return americans to the surface of the moon by at least a year to 2025 at the earliest and officials saying that that delay is due in part to those suits that were leveled by jeff bezos blue origin from the lunar contract awarded to sp spacex earlier this year the estimated cost is going to jump almost 40% to $9.3 billion expected to be spent from 2012 a busy week in general for space. a bunch of space companies

reporting earnings and two other launches on tap that we're watching rocket lab which will launch its 22nd mission carrying satellites for black sky and as soon as tomorrow astra space making its latest attempt to reach orbit with its new rocket, as well a lot to watch in the space space for investors. >> and we know you will. >> yes. that does it for us on "squawk on the street. "techcheck" starts now. happy wednesday. welcome to "techcheck. i'm john fortt, carl is off. dash drops cash as shares rocket higher is this the top or just the beginning? we'll tell you why the stock is getting downgraded by somebody today although